diff --git a/tccpp.c b/tccpp.c
index b44296d..86a3aeb 100644
--- a/tccpp.c
+++ b/tccpp.c
@@ -3039,13 +3039,15 @@ static inline int *macro_twosharps(const int *macro_str)
                 if (tok != TOK_PLCHLDR)
                     cstr_cat(&cstr, get_tok_str(tok, &tokc));
                 n = cstr.size;
-                if (t != TOK_PLCHLDR || tok == TOK_PLCHLDR)
+                if (t != TOK_PLCHLDR)
                     cstr_cat(&cstr, get_tok_str(t, &cval));
                 cstr_ccat(&cstr, '\0');
 
                 tcc_open_bf(tcc_state, ":paste:", cstr.size);
                 memcpy(file->buffer, cstr.data, cstr.size);
                 for (;;) {
+                    if (0 == *file->buf_ptr)
+                        break;
                     next_nomacro1();
                     if (0 == *file->buf_ptr)
                         break;
@@ -3058,7 +3060,8 @@ static inline int *macro_twosharps(const int *macro_str)
             }
         }
         if (tok != TOK_NOSUBST) {
-            tok_str_add2(&macro_str1, tok, &tokc);
+            if (tok != TOK_PLCHLDR)
+                tok_str_add2(&macro_str1, tok, &tokc);
             tok = ' ';
             start_of_nosubsts = -1;
         }